Cyprus's payment market has the following characteristics:
Digital payment growth: - Bank card usage is rising, especially debit cards - Mobile payment and digital wallet adoption rates are gradually increasing
Cash usage remains common: - Cash usage rate is still relatively high compared to other Eurozone countries - However, digital payments are gradually becoming popular
E-commerce development: - Online payment solutions are diversified - International payment platform usage is increasing
Innovative payment technologies: - Contactless payments are popular in the retail sector - Mobile payment applications such as Apple Pay and Google Pay are gradually being introduced
Tourism impact: - As a tourist destination, cross-border payment demand is strong - Payment solutions supporting multiple currencies are common
Regulatory environment: - Compliant with EU Payment Services Directive (PSD2) - Focus on payment security and consumer protection
Fintech development: - Financial technology innovation is gradually accelerating - Traditional banks are beginning to increase their digital transformation efforts
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Popular payment methods
Satispay
Satispay is commonly used for digital wallets payments in CY.
- Payment type
- Digital Wallets
- Buyer coverage
- CY
- Payment currency
- EUR
- Refund
- Partial refund
Paysafecard
Paysafecard is commonly used for prepaid card payments in CY.
- Payment type
- Prepaid Card
- Buyer coverage
- CY
- Payment currency
- EUR
- Refund
- Partial refund
Skrill
Skrill is commonly used for digital wallets payments in CY.
- Payment type
- Digital Wallets
- Buyer coverage
- CY
- Payment currency
- EUR
- Refund
- Partial refund
SEPA Direct Debit
SEPA Direct Debit is commonly used for bank transfer payments in CY.
- Payment type
- Bank Transfer
- Buyer coverage
- CY
- Payment currency
- EUR
- Refund
- Partial refund
Cyprus
Country code
CY
Currency code
EUR
Currency unit
€ EUR